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If they want to buy a home, the proposal would improve the debt/income ratio. Big improvement in cash flow. The one thing I’d be concerned with is this is the easy fix and if it does not alter the borrowing behavior that brought on that much debt they’ll be right there again in a few years. At that age and stage and income level, stop borrowing after that home purchase.
Yep
They are limited to their Roth contributions. If they contributed less than the $50k, we would need to sccount for the penalties and taxes.
They obviously have a fundamental spending problem that needs to be addressed. Wow.
Great shoutout to my guy Josh 😂😂😂
They’re going to end up in the same hole they are in now in a few years. Sounds like they want to have their cake and eat it too with the trips, 401k contributions, and the desire for a house. Hate to say it but they probably better off following Dave Ramsey’s baby steps at least for a season.
Borrowing from their 401k might be a better option and leaving the money in the Roth. Interest on a 401k loan is around 9% so its not a big loss in the money not being invested. They need to stop debt accumulation, it seems their debt mindset is off.